Posted by dj-nyc on December 19, 2006 at 13:47:10:
Without knowing what your contract actually says, sounds to me like you just were renting the house for 1600 a month. You may be out your deposit if any, but it does not sound like a house you should buy if it ain’t worth it.
You should consult an attorney/read your contract.
But it does sound like you owe somebody 3 months worth of rent.
good luck,
DJ
Horrible Lease/Purchase Deal…Need HELP!!! - Posted by Tajee
Posted by Tajee on December 19, 2006 at 11:31:03:
I live in Richmond,VA. Me and my partner lease/purchased a house from another investor/realtor in August 2006 for $1600 a month. He verbally told us the selling price was $280,000. We thought we would be able to lease/purchase it out, but failed to do so. The investor did not put the selling price on the contract. He gave us a amortization chart to sign after we signed the contract that states the selling price will go up every month $1600. So in 1 year the selling price will be $300,000. We did not sign the amortization chart. The house is only worth $230,000 at the most. The realtor strongly suggested that we use his mortgage company to buy the house. Im sure he would have gotten us approved, but this would have been some kind of fraud? Now the original owner of the house has contacted us want us to pay 3 months worth before ending the contract. He also has another realtor to represent him. His new realtor wants to speak with us before preceding to court. If taken to court, what do you think will happen? Since the realtor did not put the sells price on the contract, will that give me a right to end the contract since the house will not appraise?